You need to be sure that an IVA is the right debt solution for you. To help you do this you should talk to a specialist debt advisor. They will spend around an hour going through your finances to help them work out which option to recommend. If you debts are less than £15,000 an IVA is unlikely to be an option you have. Note: You should be aware that IVA companies typically make over £5,000 in fees from an IVA. You don’t pay this it comes out of your agreed debt repayments. Ensuring that the organisation you contact is not biased towards this solution is important. If after your finances are reviewed an IVA is your best chance of becoming debt free then together with your debt advisor you will begin the process of drawing up your IVA proposal. Your proposal will outline your financial ‘Statement of Affairs’ with hard copies of documentation as proof that you’re telling the truth. You may also be advised to stop making payments to your creditors, as it is important not to show any credit.